BellRing Brands

BRBR

Packaged Foods · Consumer Defensive

Price

$12.12

+0.13 (+1.08%)

Market Cap

$1.41B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+225.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 39.5M (2021) → 128.5M (2025)

BellRing Brands makes protein shakes, powders, and nutrition bars sold under the Premier Protein and Dymatize brands. Its products are aimed at everyday consumers who want convenient, high-protein food and drinks. The company sells through major retailers like Walmart, Costco, and Amazon, putting it squarely in the ready-to-drink nutrition and sports nutrition market.

BellRing earns money by selling packaged products to retailers and distributors, who then sell them to shoppers. It operates almost entirely in the United States, with Premier Protein being the leading ready-to-drink protein shake brand by volume in the country. The main growth driver is rising consumer demand for high-protein diets, but the company faces real risk from private-label competition and its heavy dependence on a small number of large retail customers for the bulk of its sales.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+1.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-37.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$16M/ year

0.7% of revenue

Below sector average (2%)

Research and development spending

Insider Activity

1.8%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~8 months

$33M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

BellRing Brands has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

22.4%

Thin — 22.4% gross margin

Operating Margin

7.1%

Modest — 7.1% operating margin

ROCE

6.2%

Weak — 6.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+13.3%

Fast-growing sales (13.3% YoY)

EPS YoY

+3400.0%

Earnings growing fast (3400.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

142%

Turns 142% of profit into real cash

FCF Margin

10.1%

Modest free cash flow (10.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

N/A

—

Data not available

Interest Cover

3.84x

Tight — interest eats into profit (3.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

8.7x

Attractive valuation — P/E 8.7

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+1.4

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Not applicable for this business.

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